GameStop Completes $1.5B Convertible Note Sale, Plans to Add Bitcoin to Treasury

Author

Ruholamin Haqshanas

Author

Ruholamin Haqshanas

About Author

Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto…

Share

Last updated:

April 2, 2025 04:21 EDT

Why Trust Cryptonews

Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas – from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

GameStop has wrapped up a $1.5 billion convertible senior note sale, confirming plans to use part of the proceeds to purchase Bitcoin for its corporate treasury.

The video game retailer disclosed the move in a filing with the U.S. Securities and Exchange Commission (SEC) on Tuesday.

The offering, originally announced last week with a $1.3 billion target, was expanded with an additional $200 million in notes sold through an option available to initial purchasers.

GameStop Nets $1.48B from Convertible Notes Due in 2030

The notes, set to mature on April 1, 2030, brought in approximately $1.48 billion in net proceeds after deductions.

According to the SEC filing, the company intends to use the funds for “general corporate purposes, including the acquisition of Bitcoin,” marking a significant step into digital assets for the firm.

GameStop had already signaled its intent by adding Bitcoin to its list of acceptable treasury assets prior to launching the offering.

The move mirrors the strategy employed by MicroStrategy, the publicly traded business intelligence firm that pioneered corporate Bitcoin holdings.

Since 2020, MicroStrategy has amassed over 528,000 BTC—worth more than $45 billion at current prices—becoming the largest corporate holder of the cryptocurrency.

GameStop CEO Ryan Cohen recently shared a photo alongside MicroStrategy Chairman Michael Saylor, a well-known Bitcoin advocate.

Despite early enthusiasm around GameStop’s crypto ambitions, investor reaction to the company’s decision to raise additional debt was mixed.

GME shares fell sharply after the note sale was announced, dropping nearly 22% over the past week.

However, the stock rebounded slightly on Tuesday. GME closed up 1.3% at $22.61 and continued to climb another 1.4% in after-hours trading following the SEC disclosure.

GameStop’s bold step into Bitcoin marks another chapter in its ongoing transformation from a traditional retail chain into a more tech-forward enterprise.

41 Bitcoin Reserve Bills Emerge Across 23 States

GameStop’s plan to potentially acquire Bitcoin comes amid a growing wave of similar legislation nationwide.

So far 41 Bitcoin reserve bills have been introduced in 23 states, with 35 still under consideration.

Just recently, Kentucky Governor Andy Beshear officially signed House Bill 701, known as the “Bitcoin Rights” bill, into law—making the state one of the latest to enact legislation protecting digital asset users and operations.

Other states are making similar moves. Oklahoma’s Strategic Bitcoin Reserve Act (HB 1203), introduced by Representative Cody Maynard, recently passed the House with a 77-15 vote and is awaiting a Senate decision.

According to Bitcoin Laws, Oklahoma now ranks alongside Texas in second place in the race to establish state-level Bitcoin reserves.

Missouri is also in the mix, with its Special Committee on Intergovernmental Affairs reviewing its own Bitcoin reserve proposal.

In a related development, two key Bitcoin bills in Arizona cleared the House Rules Committee on March 24.

Trending News
RecommendedPopular Crypto TopicsPrice Predictions

Explore new destinations with ease using the Garmin Drive 52 GPS Navigator! With over 17,988 ratings and a solid 4.4/5-star rating, this GPS system has been a top choice for travelers. Over 500+ units were bought in the past month, all for only $144.99.

This 5″ GPS navigator comes with essential driver alerts, real-time travel data, and external memory storage. The simple on-screen menus and bright, easy-to-see maps make it easy to navigate wherever you are. Plus, it’s road trip-ready with The HISTORY Channel database, featuring notable historic sites and much more to enhance your journey.

Don’t miss out—get your hands on the Garmin Drive 52 today for a smoother ride ahead! Buy Now for $144.99 on Amazon!

Help Power Techcratic’s Future – Scan To Support

If Techcratic’s content and insights have helped you, consider giving back by supporting the platform with crypto. Every contribution makes a difference, whether it’s for high-quality content, server maintenance, or future updates. Techcratic is constantly evolving, and your support helps drive that progress.

As a solo operator who wears all the hats, creating content, managing the tech, and running the site, your support allows me to stay focused on delivering valuable resources. Your support keeps everything running smoothly and enables me to continue creating the content you love. I’m deeply grateful for your support, it truly means the world to me! Thank you!